Stephanie Warner          May 14^th, 2005               4^th Grade

Social Studies                28 students                   9 IEP’s

Economics        

Goals and Objectives:

This lesson will help students understand economic principals as related to buying and owning a pet. 

Students will use technological resources to engage them and extend their learning. 

Connections: 

Students will:

·         Identify economic wants of pet owners.

·         Experience scarcity when making choices.

·         Explain why people have different economic wants.      

As related to the following standards:                           

Kentucky Program of Studies

SS-H-3.1.1 Scarcity of resources necessitates choices at both the personal and societal levels.

SS-H-3.1.3 To make informed choices, consumers must analyze advertisements, consider personal finances (including the importance of savings, investment, and use of credit), and examine opportunity cost.

Program of Studies

SS-H-E-E-2 Students will recognize that, as a result of scarcity, individuals, societies, and nations must make choices/decisions which result in consequences.

Academic Expectation

2.18 Students understand economic principles and are able to make economic decisions that have consequences in daily living.

Context:

The major focus of this lesson is for students to develop an awareness of economic principals and for them to consider how economics is related to their daily living.  This lesson allows students to actively engage in an activity that teaches about scarcity and it’s effects on opportunity cost.   

Resources:

• Online story "The Perfect Pet" - http://www.storyplace.org/preschool/
  activities/petsonstory.asp
  This is a story about a little girl who goes to a pet store to find the perfect pet.
• U.S. Food and Drug Administration - http://www.fda.gov/oc/opacom/kids/html/petpuzzle.htm
  This site offers a pet puzzle. Students piece together the scrambled puzzle and read the message provided.
• The economic wants of pet owners - Interactive Activity
  For students with limited reading skills. You can project this activity via an LCD projector or TV monitor and read the text to the students.

Procedures:

ACTIVITY 1

Read to or have students read the flash activity economic wants of pet owners. Use the text and questions in the THINK ABOUT IT section of the student version as the basis for a discussion on economic wants and scarcity.  What things would you want for your pet? Potential responses include: food, water, shelter, health care, exercise, treats, costumes, beds, a leash and collar, etc.

Few pet owners have enough money to buy everything they want for their pets. This is called a scarcity problem. Scarcity forces people to make choices.

• If you could buy just five of the many things at the pet store for your new dog, what would you buy? [Responses will vary.]

NOTE TO TEACHER: If time allows, you may want to have students write a list or draw pictures of the five items they would choose in response to this question. Have several students share their choices with classmates to help illustrate the point that students -- and people, in general -- have different economic wants.

• Which of your choices are the same as those of your classmates? [Responses will vary.]
• Why do you think these choices were the same? [Responses will probably center on the fact that dogs must have certain things to be healthy and survive. Some students may also point out that they simply like (valued) some of the same things.]
• Which of your choices are different? [Responses will vary.]
• Why do you think that these choices were different? [Students may point out that they already have some of the things they want for their pet. Others may explain that they simply liked (valued) some things more than others.]

ACTIVITY 2

Have students imagine the girl in the story; "A Perfect Pet" picked a fish instead of a dog as her new pet. Direct students to look at the items she wants for her fish as identified in the interactive activity. Announce that like most people, the little girl has a scarcity problem. She has only $5.00 to make her purchases. Direct students to choose the things they would purchase with the little girl's $5.00.

Conclusion:

Ask students to summarize the reasons people's choices are not always the same. Three factors to be identified include:

1. Our personal preferences - what we like
2. Our values - what we think is important
3. Our haves - what we already own or have access to

Assessment Activities:

Students to cooperatively use the ideas from the Perfect Pet to solve a scenario that describes another example of scarcity and opportunity cost.  Students will be given different scenarios such as 1) Building a tree house or buying a swing set, 2) Going to camp or buying a new toy 3)Going to the fair or a baseball game. Students work cooperatively in groups and decide which choice is the best for the group. They should make a PowerPoint that demonstrates their understanding of the cost involved with the decision they made.